Current School Funding Formula Inherently Unfair

March 24,2018

the staff of the Ridgewood blog

River Vale NJ, assemblywomen Holly Schepisi comments on the unfair nature of the school funding formula, “If anyone ever wants to know why I fight so hard to revamp how we fund our schools in New Jersey and why I do not believe that the current formulas are fair, here is a glimpse into the school funding numbers for River Vale and Hoboken, New Jersey. River Vale is neither a “rich” nor a “poor” community but is representative of many of the communities comprising New Jersey. The average home assessment in River Vale is approximately $550,000 and pays $13,894 in property taxes with almost 70 percent ($9,725.80) of that amount going straight to school funding. In comparison the average assessed home in Hoboken is approximately $519,000 and pays $8,035 in property taxes with only 24 percent ($1,928) of that amount going to school funding. River Vale has 1202 students and receives $550,193 or $457.73 per student per year in State Aid for its schools. Hoboken has 1,872 students and receives $10,468,870 or $5,592.35 per student per year in State Aid for its schools. Hoboken has the highest median household income in Hudson County of $114,381 and the highest concentration of millionaires in that County. If we want to talk about parity and fairness, our State’s policies need a lot of work.”